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Financial crisis

Detroit (USA)

Using Bankruptcy to Steal Pensions

10 August 2014 - by Dianne Feeley

Caught between a rock and a hard place, the majority of the 32,000 Detroit city workers and pensioners did not bother to cast a vote over whether they were willing to have their pensions cut or would prefer to take their chances in court. (...)
Alternatives to reverse the crisis in Europe

22 April 2014 - by Eric Toussaint

This text proposes a series of concrete alternatives to counter the current crisis shaking Europe. It presents nineteen immediate measures that should be taken vis-à-vis finance in general and the banking sector in particular. In addition to (...)
Series: The banks and the “too big to jail” doctrine (part 1)

Banks and the New “Too Big to Jail” Doctrine

13 March 2014 - by Eric Toussaint

We all know the saying, “Too big to fail”. The way governments have managed the crisis caused by the banks has given rise to, “Too big to jail,” [1] which is equally poetic! [2] Although the US government let Lehman Bros. go to the wall in September (...)
The empty proposals of Michel Barnier and the European Commission concerning the banks

10 February 2014 - by Eric Toussaint

At the end of January 2014, Michel Barnier, European Commissioner for internal market and services publicly announced a proposition of banking reform that would concern the 30 most important European Banks. The bankers responded with cries of (...)
Portugal: Precautionary Program

9 December 2013 - by Nuno Teles

They call it “insurance”, “precautionary program”, “return to the markets” , “post- troika” , etc... The idea is simple. The European Union has set up a fund of 500 billion euros, the European Stability Mechanism (ESM ), through which future bailouts (...)
Are BRICS any use for rebuilding the collapsing global financial architecture?

19 September 2013 - by Patrick Bond

In its most recent world public opinion survey, the Pew Research Centre the ‘fragile five’ currencies. ‘Emerging’ economies start submerging Financial Times, 5 September 2013 South African finance minister Pravin Gordhan seemed to panic (...)
Lehman Brothers

The anniversary of broken promises

15 September 2013 - by Corporate Europe Observatory

5 years after the bankruptcy of Lehman Brothers, and the beginning of the worst economic crisis in decades, the EU has not delivered on promises of strong regulation of the financial sector. A swift overhaul is needed. Together with other (...)
Press release

EFTA court dismisses ’Icesave’ claims against Iceland and its people

28 January 2013 - by CADTM

It is with some satisfaction that CADTM learns of the decision by the EFTA (European Free Trade Association) The judgement clearly states that it is not the responsibility of the parent nation of a banking company to cover the costs of the (...)
Dexia: What if we stopped banking?

1 November 2012 - by Comité de soutien au recours du CADTM Belgique, ATTAC Bruxelles 2 et ATTAC Liège contre les garanties Dexia

Having saved the banks from bankruptcy, States have seen their public debt skyrocket. Government authorities are now under pressure from the financial markets and European authorities (and the IMF, in some cases) to adopt austerity plans in (...)
Now approaching Spain, the bank hurricane continues along its path of destruction

14 June 2012 - by Eric Toussaint

This text continues my work published in several articles in 2011, including: “In the eye of the cyclone: the debt crisis in the European Union”; Dexia Krach: The start of a domino effect in the EU ?», 4 octobre 2011; « Banques belges sauvées, (...)
In the eye of the storm: the debt crisis in the European Union

14 June 2012 - by Eric Toussaint

In July-September 2011 the stock markets were again shaken at international level. The crisis has become deeper in the EU, particularly with respect to debts. The CADTM interviewed Eric Toussaint about various facets of this new stage in the (...)
Summary of the “Dexia” Appeal brought by the CADTM and ATTAC against the Belgian State

On December 23, 2011 CADTM Belgium, ATTAC Brussels 2 and ATTAC Liege, represented by their lawyers Pierre Robert and Olivier Stein, implemented proceedings against the Belgian Council of State to cancel the Royal Decree of 18 October 2011 that (...)
Tax the rich : a central political question in the developed countries

27 October 2011 - by Eric Toussaint

Since the summer of 2011, the expressions “class struggle” and “class war” are at the heart of the speeches delivered by the mouth-pieces of the dominant classes. It is remarkable to notice that it is now the dominant classes and their (...)
The crisis reaches far beyond the European Union

19 October 2011 - by Eric Toussaint

Even if Europe is hard hit, the crisis by no means limited to the European Union: almost all the industrialized economies are in a state verging on coma. Depending on the country, unemployment remains high or is increasing. Even in the so-called (...)
The virtues of financial repression

15 October 2011 - by Eric Toussaint

During the 1930s in the United States, to get out of the crisis resulting from the 1929 Wall Street crash the Roosevelt government decided to reduce the freedom previously enjoyed by the financial and banking sector. In the wake of this decision (...)
Dexia Krach: The start of a domino effect in the EU ? *

8 October 2011 - by Eric Toussaint

In the early days of October 2011 the virtual bankruptcy of the Franco-Belgian bank Dexia is yet another sign of how deep is this crisis that brings governments to serve public money to private interests. Dexia’s krach shows that it is the (...)
The small and dark secret of European banks

24 August 2011 - by Daniel Munevar

At the onset of the recent volatility that has taken place in the global financial markets, much attention has been focused on the behavior of stock exchanges and the evolution of the debt crisis in Europe. But while the markets are reacting (...)
Several doctrines for the same shock

23 April 2011 - by Eric Toussaint

During the first phase of the world economic crisis (2007-2009), the governments of the countries most affected by the crisis, starting with the United States, have taken strong measures, drawing upon lessons of the first months following the (...)
Let’s put an end to public debt blackmail!

3 April 2010 - by Eric Toussaint, Damien Millet, Sophie Perchellet

There is a striking contrast in the most industrialized countries at the epicenter of the global crisis that broke out in 2007-2008: the governments and their friends running the major banks are congratulating themselves on having saved the (...)
Latin America and the Global Crisis

15 July 2009 - by Claudio Katz

SUMMARY: The economic impact of the crisis is visible throughout the region. The expectations of a disconnection with it have been diluted, while the monetary and tax shields are inadequate to curb the effect of the financial earthquake. It (...)
United Nations Conference on the Financial crisis and itis impact on development - New York, June 24 -26 2009

Present and future impact of the crisis

1 July 2009 - by François Houtart

Much has been said on the impacts of the crisis on the fundamentals of the economy and its social consequences, because of the artificial and unequal character of the growth and its proved vulnerability, affecting developed and developing (...)
Stages in the new debt deflation fisher-minsky crisis

19 June 2009 - by Arturo Guillén R.

1. Introduction The aim of this paper is to analyze the current phase of the global crisis that began in the United States in 2007 as a financial crisis linked to sub-prime mortgages. The current phase, which began during the last quarter of (...)
When cashed-up IMF offers to help, steer well clear

6 May 2009 - by Ross Buckley

A year ago the International Monetary Fund was on the nose, its credibility in tatters. Today it is the darling of the rich countries. They have agreed in principle to increase its funding massively, nominally by a trillion dollars. On Anzac (...)
The doublespeak of a discredited IMF

12 March 2009 - by Eric Toussaint, Damien Millet

The international crisis that broke in summer 2008 demolished all the neo-liberal dogmas and exposed the deception behind them. Unable to deny their failure, the World Bank and the International Monetary Fund claim they no longer uphold the set (...)
Economists’ conference in Havana

Global crisis: the main protagonist

4 March 2009 - by Deisy Francis, Susana Lee

José Ramón Machado Ventura, Leonel Fernández y Esteban Lazo. Th global economic crisis was the main protagonist on the first day of Globalización 2009, the 9th International Conference of Economists on Globalization and Development Problems, (...)